FX.co ★ Ethereum: imminent breakout and continuation

ETH/USD rallied in the short term and it seems determined to reach new highs. It's located at 1,591 at the time of writing. The altcoin increased by 6.10% from Wednesday's low of 1,501 to 1,593 today's high.

Ethereum is up by 3.25% in the last 24 hours and by 11.85% in the last 7 days. Bitcoin's further growth should drag ETH/USD higher as well.

ETH/USD Bullish Momentum!

Technically, ETH/USD is trapped between the 1,506 and 1,591 levels. Escaping from the current range could bring new trading opportunities.

Now, it challenges the 1,591 static resistance and the ascending pitchfork's upper median line (uml).

ETH/USD Outlook!

A valid breakout through 1,591 activates further growth and is seen as a new long opportunity. The weekly R1 (1,668) is seen as a potential target.